A corporate credit card is great for you if you are inclined to make savings on your variable costs. Tailor-made for businesses, these cards can help you understand your expenses better. Applying for cards like the Bajaj Finserv RBL Bank SuperCard and getting them approved can guarantee significant savings.
With corporate credit cards, all your expenses stay organized so that sifting through them for analytics or logistical reasons becomes a meaningful exercise. With the balance statements, it is easy to discern a pattern in your spending. You can track the increase or reduction in prices so that you can figure out ways to balance out your subsequent expenditure.
Check the eligibility criteria for obtaining a corporate credit card, and choose the one that resonates with your business. Let us look at some of the positive and negative corporate credit card features, so that you can get a better understanding of these cards.
Advantages of a Corporate Credit Card
There are several advantages to owning a corporate credit card. These include:
· You can issue corporate credit cards to employees so that they can use them to pay for travel and stay in case of business visits. The employees do not have to pay using their personal credit cards, and the billing-related complexities are thus avoided. You need no invoice from your employees for reimbursement purposes, and you deal directly with your card issuer.
· You can restrict the payments made through these cards to a few merchants/businesses. This way, you can ensure that your card is not misused. This practice is also highly effective towards preventing any unauthorized payment if the card gets misplaced by any chance. Thus, you are in full control of your finances.
· Expect great rewards on these cards. Typically, credit card companies offer great rewards on robust expenditure. Since this card is meant for travel and lodging, the bill will add up to a substantial amount. The rewards are issued as cashback (with every transaction), reward points, annual fee waivers, etc. Make sure you utilize your rewards and cashback on time so that they do not expire.
· You can utilize the saved amount to award your best employees so that they stay motivated and work harder. Based on the amount of money saved, you can decide on how many employees you want to reward. Thus, without spending any money from the business account, you can channelize this amount towards more productivity.
Credit card companies typically treat corporate credit cardholders in great esteem. You are a valued customer, and they take every opportunity to let you know that you are one. In case of any issue with the card, you are readily connected to dedicated customer care executives who will solve your issue on a priority basis. This facility is extremely convenient because technical glitches occur all the time, and failure to make timely payments can take a toll on your reputation.
Cons of Corporate Credit Cards
The Corporate credit card has no such con, apart from the fact that it is a tad bit difficult to get approved. Since these cards have a high credit limit, issuers need to be fully convinced that they have the capacity to spend and repay. For this reason, corporate credit cards are more often than not issued to big businesses with a significant turnover.
Nevertheless, you should look at this problem in a positive light. With hard work and a little patience, your credit score will soon be good enough to get one of these cards approved.
If you are seeking the best corporate card, go for the Bajaj Finserv RBL Bank SuperCard. These cards have great balance transfer and cash advancement features that help you regulate and control your funds at will.
With competitive interest rates on credit amounts, you can get your loan approved in a jiffy, and even enjoy interest-free periods. To apply, you can log on to the Bajaj Finserv website and find out your pre-approved credit limit.